21 Tips To Help You Business Grow

Here, 21 SBDC professionals share strategies for businesses that want to grow.

1. More ways to reach customers than just one

You can also set up a website if your retailer has no online presence. Once you have enough customer email addresses, you may want to consider an email marketing campaign to keep your message visible to your customer base. Don't forget to use social media.

If your business is online-only, you might consider an indirect mail campaign that includes a catalog featuring the best sellers in order to reach new potential buyers. After testing multichannel approaches, you'll be able determine the best way to spend your marketing dollars. This will depend on which channels have been most successful in reaching your sales goals.

2. Seek out employees looking for a second chance

Many times, businesses are keen to advance but don't have the staff to do it. You should look into opportunities for "justice involved" persons, who often had some training and/or certification during their imprisonment. They expect entry-level roles, are eager for work, and may be more motivated to "show up to deliver" because they have to report to probation/parole officer. There may be additional incentives for businesses to hire these individuals such as tax credit and assistance programs to further develop these workers.

3. Time management should be done in 60/20/20.

Instead of wasting 100% of your time on repetitive tasks using the "WhackaMole" method of time management, I suggest a strategic approach. First, dedicate 60% of your time to tasks that will add value to the business. Second, you should focus your attention on tasks that cannot be completed by others. The remaining 40% of your time should be split into two categories: 20% to plan and 20% to strategize. Planning is the time you spend on planning, scheduling and managing resources for the business' operation. Strategizing is the time you spend evaluating how your business can be improved, whether it is your customer experience or your profit margins.

4. Look into your numbers.

If you are an established company, accounting software should be used. Once you are familiar with the basics, how can you measure everything else? Know your inventory turnover and how you can measure your cash flow. Now is the time for you to evaluate your business and implement metrics to grow your business.

5. Strengthen your cybersecurity and take advantage of it

Businesses should prepare and reinforce their cyber infrastructure. This is not just to be prepared for any new threat, but to also be able to position their company to take advantage the opportunities presented by an information security posture. The constant threat of malicious software and cybercriminals to digital information security is highlighted by the overwhelming number of messages sent to small-business owners.

Businesses need to take responsibility for their information security and positioning their business so that they are ready to face the larger corporate and government requirements. Information security is not just about protecting against threats, but also an investment that will allow you to thrive in a digital world.

6. 5. Make strategic acquisitions

A business's growth is determined by its ability to control costs and maximize profits. When you buy small businesses that offer ancillary or related services, you not just control the costs of your primary company, but also gain clients and customers from those ancillary companies.

7. 7. Create a business toolbox

Every company should have its own business toolbox. Include the following items in your business toolbox

A business plan is a guide to help you stay on track and prevent setbacks.
A marketing plan will establish your company in the market and help you build a loyal client list.
An employee manual will be a key to maintaining a knowledgeable workforce. It will outline rules and regulations and assure compliance with labor laws.
Accounting software that can generate current financial reports at the touch a button to keep track on all business activity
Computers, computers networks and an IT infrastructure

8. Stop using social networks in an abusive way

Businesses should stop selling via social media. Marketing and selling are two completely different things. A sales-only strategy for social media may prove disastrous. Document and create content that offers value to your audience. It will also help you build a connection with them. This could include industry tips and tricks, as well as entertaining behind the scenes videos.

All relationships require you to give more than what you receive. Don't be afraid to share your industry trends, your knowledge and your insights. So when potential customers are ready to make a purchase they can turn to a trusted brand: YOU.

9. Google is your friend

Google My Business pages are an amazing and free tool for local small businesses. You can then claim your Google My Business Page for free:

Completion of it, including the business description.
Use the dashboard to your advantage
Post often.
Please respond to all reviews . . Not just the bad ones.
Keep this page current and up to date.

10. Attract next generation of workers

Many businesses don't have the right tools to help young workers. Plan ahead, learn about the strengths of the age group and then revise your interview questions to best showcase the talent you are looking for. It is essential to be able to communicate effectively with employees to help them understand their responsibilities, tasks, as well as their place within your organization.

11. Build in downtime

Mother Nature grants us downtime when we are farming. But in other business, we have to create our downtime. This isn't vacation or "off"-time. This is time that you are not working.InThe business should workonthe business: To review data and to streamline systems.You decide what timeframe is best for your business. Even an hour of your time can be used to strategize and provide insight into minor problems before they become major ones.

12. Know-it-all

Knowing your numbers, including your gross margins, net profits, credit scores and days cash on the bank, will help you to understand where your business is at all times. You should also know your customers. This will allow you to identify who they are and where they are.

13. Forge an advisory board

A business advisory board is one of your best investments to increase its performance. An advisory board tailored to your company's unique challenges and opportunities is a powerful management tool. They can offer access to experts at no or low cost, fresh ideas, and help improve your business operations. A small group of people will be selected to meet with your quarterly to address problems, to create a strategic planning, and to continuously assess your progress. An advisory board can improve the value of your business and accelerate growth. It will also help you stay focused on your goals.

14. Don't fall prey to common tax traps

Avoid making business decisions that will impact your taxable income. Your business purpose should not be winning a game against government. It should instead be to make a profit.

15. Ask for help and share

Never be afraid to ask other business owners questions, lest you appear like an amateur. In reality, you aren't the expert. Be open to sharing knowledge. You can build trust in your business by sharing information with others. This is how new partnerships are formed.

16. Plan to Sell Your Business

Your business's next level is not greater than succession planning. It is a silver tsunami of baby boomer owners who own over 50% of small businesses assets. This means that conversion to employee ownership, either as an ESOP/worker cooperative, should be considered.

Employee ownership preserves your legacy. It keeps your business open and allows you to find qualified buyers who understand your business. It keeps your workers working while giving them ownership equity and assets. This helps keep communities stable and prevents the loss of jobs and taxes. Passage of the federal Main Street Employee Ownership Act in August 2018 provides for mandated outreach and technical assistance from SBDC staff to advise for employee-ownership transitions, and for the SBA to expand loan access to employee-owned companies.

17. Make a strategy plan

Set short-term goals (quarterly, semi-annual or annual) and develop a plan to achieve those goals. Plan for the necessary resources such as people, cash and equipment. Make sure you are providing the best service possible. Establish the metrics you will use in order to measure your progress toward your goal. Then adjust your plans as necessary based upon how close or far away you are. If you're not meeting your goal, identify the reason. Is your marketing not working? Are you targeting the right customers?

18. Numbers don't lie

In order to find and fix anomalies in cost and revenue, sound systems are vital. Point of sale systems, inventory control, and bookkeeping procedures will all help you find the problem quicker. Many business owners, especially those who have been in business a while for a while tend to rely heavily on qualitative data and overlook the easy-to-find quantitative data. Retailers may believe that their product is selling well. However, when they examine the numbers, they discover that it isn't.

19. 19.

The acronyms that are popular in the business world include URL, URL and EIN. CFIMITYM is the most important acronym. It stands to "Cash Flow i s More important than Your Mother" and is one of the main reasons small businesses fail. Inadequate cash reserves, or "running out" of money, will cause you to shut down your business faster than any other factor. You can't pay your bills. You cannot make payroll.

Your business could make a profit even if it has no cash. Profit is an accounting term, while cash refers the amount of money in your business' checking account. Although you can have assets such as inventory or accounts payables, cash is what you have if it's not possible to collect on the debt. If cash runs out, it's time to shut down your business.

20 This cost is too high to ignore

It is not a line on the profit or loss statement but it is important that business owners are intentional about quantifying and identifying opportunity cost in their business. There are many ways opportunity cost can manifest. Most often, a business owner will spend their time on tasks and areas that are not optimally using their time or talents. While they may be saving money by hiring for or outsourcing that work, they are actually increasing their costs by taking up more of their time and sometimes doing the job poorly. Another example is when businesses take on clients that are not the right fit. This may lead to reallocations, which could slow down growth or dilute company branding. When opportunity costs are addressed, growth will occur quicker.

21. 21.

It can be lonely to own your own business. You are the one making decisions, you may see some successes, but you also worry about everything. Create a network of friends, advisers, counselors, and guides to help you navigate the dark tunnels.